OZ Minerals is to begin construction of its Carrapateena mine, the country’s largest undeveloped copper project.
The $916 million copper and gold Carrapateena mine is set to create 1000 jobs during the construction phase and will support around 500 positions over the mine’s 20-year lifespan.
Located about 600 kilometres north of Adelaide in South Australia’s highly prospective Gawler Craton, Carrapateena is expected to begin a phased work program in September.
The mine is estimated to average annual production of 65,000 tonnes of copper and 67,000 ounces of gold over the next two decades, with the first cash flow from generated in the fourth quarter of 2019 and payback by 2024.
Carrapateena will become South Australia’s second biggest copper mine after Olympic Dam.
Oz Minerals Chief Executive, Mr Andrew Cole, told the media that the long-term fundamentals for copper were strong because of its importance as a vital component in the digital age in electronics, appliances and electric cars, and high-quality copper projects were hard to find.
Company information: https://www.ozminerals.com